Molan Announces Filing of Financial Claim for SAR 17.8 Mln

Molan Steel Company announced on Sunday that it received a notice of a lawsuit filed by Yara International Limited at the Commercial Court in Riyadh regarding a commercial financial claim.

According to the Company’s statement on Tadawul, the claim amounts to SAR 17.8 million. Yara International Limited claims that it is financial dues resulting from the sale of its branch registered under the name Mayar International Industry Company, in addition to its claim for litigation damages amounting to SAR 2 million.

The Company added that the expected financial impact cannot be determined at this stage, and any developments related to this case will be announced in due course